USD/CHF Daily Forecast

Tuesday, August 10, 2010

The USDCHF failed to continue its bearish scenario yesterday after unable to re-test 1.0350 support area, topped at 1.0498 and slipped above 1.0500 at the time I wrote this comment. The bias is bullish in nearest term testing 1.0580 even 1.0675 area but only a consistent move above 1.0675 could be seen as a serious threat to the bearish outlook. On the downside, we need a clear break below 1.0350 to continue the bearish scenario.

USD/JPY Daily Forecast

The USDJPY attempted to push higher yesterday, but as you can see on my h4 chart below the minor trendline resistance did a good job so far. The bias remains neutral and we may have another upside pressure re-testing the minor trendline resistance but overall the major scenario remains bearish. Consistent move above the minor trendline resistance and 85.96 area could trigger further upside correction testing 86.50 - 87.00 area. On the downside, 85.32 and 84.82 remains the nearest bearish target before testing 83.35 region.

GBP/USD Daily Forecast

The GBPUSD had a bearish momentum yesterday after unable to move consistently above 1.5966, bottomed at 1.5892 and keep moving lower around 1.5820 at the time I wrote this comment. The bias is bearish in nearest term especially if price able to move consistently below 1.5815 area targeting 1.5735. We are entering the tricky phase here as we have conflicting bias between short term (bearish) and medium term (bullish). Fundamental focus will be on FOMC statement.

Daily Forecast for Crosses

EURJPY Daily Forecast


The EURJPY attempted to push higher yesterday, but so far unable to consistently move above the minor trendline resistance and traded lower around 113.16 at the time I wrote this comment. The bias is bearish in nearest term testing 112.70 but the bullish correction scenario remains intact as long as the bullish channel hold. Break below 112.70 could trigger further downside pressure testing the lower line of the bullish channel and 112.00 - 111.50 region which could be a serious threat to the bullish correction scenario. Immediate resistance at 113.73 (current high). Consistent move above that area could resume the upside correction scenario testing 114.73 and 115.50.

GBPJPY Daily Forecast

The GBPJPY was indecisive yesterday, but traded lower around 135.90 at the time I write this comment. On h1 chart below we can see the upper line of the bearish channel did a good job preventing upside pressure indicating potential further downside momentum testing 134.96/50 area. On the upside, only a violation to the bearish channel and movement above 137.00 could continue the upside correction scenario re-testing 137.50/70.

AUDUSD Forecast

The AUDUSD made a significant technical movement today, by break below the rising wedge formation. This fact could trigger further bearish pressure at least testing 0.9040 region. Immediate resistance remains at 0.9220/30 and only break above that area could continue the bullish scenario.

EUR/USD Daily Forecast

The EURUSD failed to continue its bullish scenario yesterday after unable to re-test 1.3340 resistance level, bottomed at 1.3215 and keep moving lower around 1.3190 at the time I wrote this comment. The bias is bearish in nearest term testing 1.3105 area but note that we are still in bullish phase. Immediate resistance at 1.3250. Another move above that area could trigger further upside pressure testing 1.3340. We are entering the tricky phase here as we have conflicting bias between short term (bearish) and medium term (bullish). Fundamental focus will be on the FOMC statement.